Pages

Top 9 Qualities you Should Look for in a Part-Time CFO

When your business is ready to get-off the ground, it is the time to bring the right CFO on board. Many companies that cannot afford to hire a full-time Chief Financial Officer appoint a part-time CFO. Since this person will be responsible for handling financial-related matters for your business, it is important to choose your professional carefully.

To hire a part-time CFO, you need to be sure that the individual you choose closely observes financial matters when he or she is in the office. This is why it is essential that you look for certain qualities in your part-time CFO.

Financial modelling experience

The part-time Chief Financial Officer should possess strong financial modeling skills, which aid in forecasting of the business, helping the CEO in planning capital allocation. In addition to this, your part-time Chief Financial Officer should help create a data-driven culture so that you are able to make more informed business decisions after sound data analysis.

The ability to work as a partner

Of course, a part-time CFO needs to be great at financials, taxes, and more, however, the right professional is required to have the personality and expertise that allow a Chief Financial Officer to be a sounding board, partner, and advisor – not simply a professional who answers your questions about money. He or she should be able to handle all financial matters and suggest what is necessary for the growth of the business.

Keep a close eye on every detail

When it comes to hiring a great part-time CFO, ascertain to look for someone who is detail-oriented and can view the bigger picture for your company as well as finances. He or she should be able to identify and point out things that are not working well for your business. Not only this, your professional should come up with ideas and advice that aid in the growth of business. He or she should be smart enough to utilise his or her experience to make your business flourish.

A forward-thinking approach

The right part-time Chief Financial Officer is the one who, apart from organising your financing, can assist you in building a financial structure that enables you to grow and move from a small business or startup to a well established company.

The ability to provide financial analysis

The chief role of a part-time CFO is to provide financial analysis versus financial reporting. Financial reporting simply helps determine the performance of your business during any period of time, but offers relatively less insight into the future. This is when a Chief Financial Officer plays his or her role. Financial analysis deals with how you are likely to perform in the future.

Leadership and people management skills

Even when working as a part time CFO, your professional will be managing and leading different teams, such as HR and finance. In addition to this, he or she is more likely to guide the discussion on how much money should be spent and where. For the growth and betterment of your business, choose someone with great people management skills. He or she should know how to win others and motivate them to accomplish business goals.

Proactiveness

Considering the fact that your Chief Financial Officer will not be in your office always, you need to be sure of hiring a professional who is proactive. Although a part-time CFO is not working full-time, he or she should complete all tasks at hand, like any other Chief Financial Officer would do.

Boldness to confront you

A large number of business owners are strictly following their passion. There can be a time when your part-time CFO needs to tell you that you are going wrong. Look for a professional who has the boldness to confront you and can prevent you from making wrong business decisions.

Proactive CFOs offers Chief Financial Officer service via a contractual arrangement, which can be full-time, part-time or on contractual basis. We can work independently or alongside an existing Chief Financial Officer.

The author of the article is into the business of offering CFO services and has in-depth knowledge about the facts related to the same. He usually writes articles on related topics to share information with people and help them make right decisions when it comes to availing these services.